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20 Mar 2013
09:25:11
IMF Approves Three-Month Extension of SBA for Romania
Mar 20, 2013 (SLBO) - The Executive Board of the International Monetary Fund (IMF) approved on March 15, 2013 - on a lapse-of-time basis1-a three-month extension of Romania's Stand-By Arrangement (SBA) to June 30, 2013.
The SBA had been scheduled to expire on March 30, 2012. The extension, which was requested by the Romanian authorities, will provide them with time to implement the measures needed to complete the combined seventh and eight reviews under the SBA. The extension will, in particular, offer an opportunity to reduce arrears of the central and local governments and to take measures to improve the governance of state-owned enterprises.
The SBA was approved on March 25, 2011 in the amount of SDR 3,090.6 million (about Euro 3.5 billion, 300 percent of quota). The IMF's Executive Board has completed six reviews, most recently in September 2012. The Romanian authorities are treating the SBA as precautionary, thus they do not intend to draw on the available resources.
The SBA had been scheduled to expire on March 30, 2012. The extension, which was requested by the Romanian authorities, will provide them with time to implement the measures needed to complete the combined seventh and eight reviews under the SBA. The extension will, in particular, offer an opportunity to reduce arrears of the central and local governments and to take measures to improve the governance of state-owned enterprises.
The SBA was approved on March 25, 2011 in the amount of SDR 3,090.6 million (about Euro 3.5 billion, 300 percent of quota). The IMF's Executive Board has completed six reviews, most recently in September 2012. The Romanian authorities are treating the SBA as precautionary, thus they do not intend to draw on the available resources.
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